Kuala lumpur: The signing of the ASEAN Framework Agreement on Competition (AFAC) sends a powerful message to the global community that the grouping is fully committed to fairness, transparency, and integrity in its markets, said Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
According to BERNAMA News Agency, Tengku Zafrul, who is also the chairperson of the ASEAN Economic Ministers (AEM) Meeting, stated that the framework agreement reinforces the bloc’s reputation as a dynamic, trusted, and reliable economic partner on the global stage. He highlighted that ASEAN’s commitment to competition policy amid a complex and uncertain global economy demonstrates its readiness to uphold high standards of governance and business integrity. This was emphasized at the signing ceremony of AFAC during the 57th AEM Meeting and Related Meetings.
During the event, Tengku Zafrul received the AFAC document from its negotiation chairperson, Lolibeth Medrano, and subsequently handed it over to ASEAN Secretary-General Dr. Kao Kim Hourn. The minister underscored that AFAC establishes a solid foundation for cooperation and capacity-building among the region’s competition authorities, ensuring that all ASEAN member states advance collectively without anyone being left behind.
Tengku Zafrul further asserted that by signing AFAC, ASEAN is committing to a regional framework that guarantees market fairness, transparency, and accountability. He described this milestone as a reflection of the highest level of commitment by ASEAN member states towards strengthening economic governance. He added that AFAC embodies the ASEAN spirit of collaboration, consensus, and resilience, and will serve as a cornerstone in advancing a rules-based economic order within the region.
The negotiation for AFAC began in September 2022 during the 54th ASEAN Economic Ministers (AEM) Meeting in Cambodia, with the aim of facilitating cross-border cooperation and coordination on competition policy and law (CPL) matters among its member states.